Gas prices fairly stable as Thanksgiving approaches

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By KATU.com Staff and News Sources

PORTLAND, Ore. - The retail price of gasoline rose half a cent this past week in Oregon, to a statewide average of $2.76 per gallon. That's according the latest analysis from AAA Oregon/Idaho.

Meanwhile, the national average for gasoline at the pump dropped 3 cents to $2.63.

"Retail gas prices are holding fairly steady," said Marie Dodds, director of government and public affairs for AAA Oregon/Idaho. The main factor, she said, is crude oil prices - which remain below $80 per barrel.

Crude prices have more than doubled since falling to $33 per barrel in December 2008.

"The weak dollar and investor optimism continue to be the major factors driving oil prices," Dodds said, "even as demand for fuel remains soft and supplies are vast."

What can consumers expect at the pumps in the next couple week as they get ready to embark on Thanksgiving travels? 

Gasoline is more expensive now than it was a year ago when the global economy was in a tailspin. The national average in November 2008 was $2.09 and Oregon's was $2.25. Pump prices were falling an average of 2 cents a day, before bottoming out in late-December below $2 a gallon.

                                Current   Nov. 10   Month Ago  Year Ago  Highest  Date
Oregon Statewide   $2.757      $2.752     $2.709          $2.245      $4.294   7/03/08
Portland                   $2.727     $2.720      $2.667          $2.197     $4.278   6/21/08
Salem                      $2.732     $2.731      $2.657          $2.154      $4.262   7/08/08
Eugene/Springfield  $2.773     $2.770      $2.760          $2.260      $4.330   6/28/08
Medford/Ashland     $2.810     $2.782       $2.749         $2.399      $4.379   7/11/08
Vancouver, Wash.    $2.810     $2.802       $2.739         $2.257      $4.349   6/28/08


Two states have averages for regular unleaded at or above $3 a gallon, same as last week. Alaska is most expensive again this week with regular unleaded at $3.41, followed by Hawaii at $3.32 and California at $2.95 (down from $2.98 last week).

Oregon is eighth most expensive, same as last week. Missouri has the least expensive gas for the second week in a row at $2.42. 

In short, consumers can expect to pay roughly 60 cents more a gallon than during Thanksgiving 2008.

"We'll get a good idea of the mood of consumers next week during the Thanksgiving holiday," Dodds said, "as we see how many travelers hit the road for the four day weekend and how much is spent on gas, travel, and gifts as the holiday season kicks off."

Meanwhile, diesel prices are holding fairly steady. The national average dropped a penny to $2.82, while Oregon’s average remains at $2.85. 

Hawaii has the highest statewide average price for diesel again this week at $3.96, followed by Alaska at $3.62, Connecticut at $3.05, New York at $3.03 and California at $3.01. Washington's average diesel price is $3 (down a penny and sixth highest again this week). 

Oregon's average is the 23rd most expensive, up from 26th last week. A year ago, the national average for diesel was $2.97 and Oregon's average was $3.05.

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